Thread: little is being done for foreclosures

I agree with you that more has to be done to help stop foreclosure. It is very hard to reach the decision makers when you call any lender. There is help available , however it is not as simple as some think to get qualified for a loan modification. Hopefully thing are going to change in this direction.

more should be done, but I think we should still be careful on how much intervention is allowed. Looking at the long term, if certain bail out legistlation is enacted, it could lead to additional problems in the future. We need to find solutions that reduce foreclosures now and don't have any long term repercussions.

I don't like wishing ill will on anyone.

However, bailing out people facing foreclosure isn't necessarily going to help in the long run. You really have to look at the "big picture" to realize that our housing market needs this "restart" sometimes.

I do think so,

Take a bitter pill today than an operation tomorrow.

Foreclosure - taking property back from people who can't afford it.

You enact legislation or something, they avoid foreclosure - they still can't afford it, and they might be in debt for x amount of money, but now, they are in x+interest amount of debt, it is not going to help them anyway.

it is going to get everyone in deeper problems in future anyway.

regards

The Foreclosures need to happen and we need to drop back close to the 50% home ownership that it was before the sub-prim market. I too do not want to whish ill will but having the foreclosures will help find the bottom and not postpone the inevitable. If you cant afford it now it will be even harder to hold it for the 2-5 years to recover the equity.

Most of the foreclosures happen because everyone was expecting the price of houses to appreciate forever, so when prices fall it creates a chain reaction that brought on this recession in the first place. So do you bail out the root cause of this recession or do you let it run it's course. The good thing is it finally brings the price of houses down for first time buyers (is they can get credit), Of course gov't intervention helps in the short term, but I fear it is only a band-aid that covers a scar won't heal until the band aid is removed.

Foreclosures and price declines happen because the MARKET says it should happen - no other reason.

When the market decides that prices should increase again, guess what will happen.

The idea that the government can manipulate the market is, well, at least a huge waste of taxpayer money (or perhaps out grandchildren's taxpayer maney).

The fact is that we are all doing what we need to do for ourselves. We will make whatever adjustments we need to make to get around whatever government interference that is set up.

The strong evidence is that the real estate market will recover - sooner or later - not based on government interference, but based on what WE feel WE need to best fulfill our own hopes and dreams.

[QUOTE=shubh;59771]Govts. of all the countries are extending great help to the real estate business giants but very little is being done for the people who are facing foreclosures at their properties. I thinks it is also an important area to lay emphasize upon. Don

It is debateable as to whether or not you can even define what the govts. are doing as "help". More of a hinderance, if you ask me. Either way, the giants and the ants need to fall. It isn't wishing ill on anyone but some corporate giants and little people don't belong in the market and in a truely free market, they would be expulsed. The "prop ups" currently underway do nothing but delay the eventually inevitable. It helps no one and hurts many (especially in the long run).